Our $39 target price reflects a ~12x 2026E AFFO multiple, a discount to traditional industrial REITs, and a slight premium to its closest cold storage peer. While LINE trades at a discount to traditional industrial REITs, we would note the triple net nature of industrial leases versus the operating nature of cold storage provides higher quality cash flows, and industrial REITs have embedded MTM’s which should drive a higher internal growth.

Risks to the downside of our target price include weaker fundamental trends and higher market cap rates. Upside risks to the shares exceeding our target price include stronger fundamental trends and lower market cap rates.